All solutions here are SUGGESTED. Mr. Teng will hold no liability for any errors. Comments are entirely personal opinions.

(a)
(i)

Graph of 8ai
Graph of 8ai

(ii)

Graph of 8aii
Graph of 8aii

(b)
(i)
Model A: r = -0.9470
Model B: r= -0.9749

(ii) Since the |r| is close to 1 for Model B, Model B is the better model.
P = -33659.72 \mathrm{ln}m + 195693.559
P \approx -33700 \mathrm{ln}m + 196000 (3 S.F.)

(iii) Required estimated price = -33659.72 \mathrm{ln}(50) + 195693.559 = \$64000

Personal comments:
(a) is rather straight forward so long as you follow the given instructions, bear in mind the graph is quadratic in nature. Since no scatter was drawn in part (b), we can simply justify the choice of regression model using the r-value found.

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